Nigeria leads in ‘Companies to Inspire Africa’ Report by London SEG
Out of 360 companies from 32 African economies that will inspire Africa, Nigeria has 97 while Kenya remains at a distant second with 66 firms. The London Stock Exchange Group (LSEG) report has revealed.
The report unveiled midweek was the second edition of the LSEG’s ‘Companies to Inspire Africa’ White Paper.
The document was produced in partnership with African Development Bank Group, CDC Group, PwC and Asoko Insight, and the report is sponsored by Instinctif Partners and Stephenson Harwood.
Though no leading Nigerian bank appeared on the top 10, LSEG argued that “Nigeria further built on its leading position established in the 2017 report with strong representation from the industry and technology and telecoms sectors,” the LSEG said in an emailed statement.
The report represents leading seven major sectors including featured companies plus small entrepreneurial businesses through to well-established corporations.
The group said consumer services, industry and agriculture are the three biggest sectors, between them making up over 50 per cent of the companies featured. Technology and telecoms, and financial services together represent over 25 per cent of firms, while healthcare and education and renewable energy also feature strongly.
Top in the list of Nigerian firms named are Kian Smith Trade & Co Limited, which is building the country’s first gold refinery; FSDH Merchant Bank Limited; Ladol Integrated Logistics Free Zone Enterprise; Jumia; Asharami Synergy Plc, BudgIT Foundation; Interswitch Limited; Ensure Insurance Plc; Lagos Business School, Pan-Atlantic University; North South Power Company Plc; Leadway Assurance Company Limited; Farmcrowdy Limited and Venia Group.
In his remarks, the Chief Executive Officer, LSEG, David Schwimmer, noted that firms listed in last year’s report had already realised significant progress and achievements in the last 12 months in a variety of ways, including pursuing IPOs and issuing bonds to grow, while some had also undertaken cross-border expansion, both within the African continent and globally.
He argued that “London Stock Exchange Group’s ‘Companies to Inspire Africa’ report showcases inspirational and entrepreneurial businesses from across the African continent, representing a wide variety of industries and countries. It is particularly encouraging to see the increasing influence of women in leadership roles in these fast-growing companies, playing a pivotal role in shaping the future of African business.
“These high-growth companies have the potential to transform the African economy and become tomorrow’s job creators. At LSEG, we are committed to helping companies realise that potential and we are pleased to highlight and celebrate the company success stories behind one of the world’s fastest growing markets.”
